Santa Clarita Valley Real Estate

HOME LOAN RATES REMAIN LOWER:    NOW MAY BE THE PERFECT TIME TO SEE HOW MUCH YOU CAN SAVE ON YOUR NEXT MOVE.  HAVE YOU BEEN CONSIDERING DOWNSIZING, UP-SCALING,  MOVING TO A BETTER NEIGHBORHOOD OR SCHOOL DISTRICT?   IF YOUR CURRENTLY RENTING THIS IS ALMOST A NO BRAINIER, WHEN YOU COMPARE YOUR RENT TO YOUR INVESTMENT IN OWN HOME.    TODAY'S  CONFORMING LOANS TO 417K OFFER THE FOLLOWING: 5/1 ARM: 3.25%with zero points 10 Year Fixed: 3.375% with zero points 15 Year Fixed: 4% with zero points 30 Year Fixed: 4.75% with zero points. JUMBO TO 729K 5/1 ARM: 3.5% with zero points 10 Year Fixed: 3.875% with zero points 15 Year Fixed: 4% with zero points 30 Year Fixed: 4.75% with zero points out-of-pocket cost is for the appraisal. SUPER JUMBO TO 1.5MM 5/1 ARM: 4% with 1/2 point 30 Year Fixed: 4.75% with 1/2 point    Special attention to consider the 30 year fixed rate on Super Jumbo. This rate has never been...

Contrary to some widely circulated e-mail messages, the new federal health care law does NOT include a 3.8 percent transfer tax on home sales, according to Snopes.com, FactCheck.org and the National Association of Realtors. The new law created a 3.8 percent Medicare tax, which applies to net investment income earned by taxpayers who have an adjusted gross income of more than $200,000 for individuals or $250,000 for married couples. That tax becomes effective Jan. 1, 2013. Net investment income includes capital gains from the sale of a home, so a home sale could push a taxpayer's income into the bracket in which the new tax would apply. However, the existing capital gains tax exclusion of $250,000 for individuals and $500,000 for married couples on the sale of a principal residence is still in effect, and that will protect nearly all homeowners from the new tax. "The truth is that only a tiny percentage of home sellers will pay the tax," FactCheck.org reports. More...

Smaller and regional lenders are issuing more new jumbo loans and doing more refinancings, which could help bolster home sales in some areas. • Jumbo mortgages are mortgages deemed “too big” to be sold by lenders to government-supported agencies such as Fannie Mae and Freddie Mac. • The loan limit of a jumbo mortgage varies depending on location. In high-cost areas, including many areas in California, jumbo loans are generally considered those that exceed $729,750. In other areas, the jumbo loan limit usually is capped at $417,000. • Some borrowers applying for jumbo mortgages are finding the processing time at larger lenders can be as long as four months, while some smaller institutions can process a jumbo mortgage as quickly as 30 to 60 days. • Additionally, borrowers seeking jumbo mortgages for condos or vacation properties also may be better served using a local lender or contacting a mortgage specialist, as many large lenders have reduced their lending activity. • With ...

Getting the Best Tax Break When Selling Your Primary Residence When you sell your primary residence, you may be able to save thousands of dollars by taking advantage of one of the best available tax breaks.  Provided that you have lived in the home as your primary residence and owned it for at least two of the past five years, when you sell your home, you can exclude from income up to $250,000 of gain ($500,000 for married couples filing jointly).  This tax benefit can be used once every two years.  Did you know that a married couple can qualify for the entire $500,000 exclusion even if only one spouse has owned the property for two years?  Or that you don’t need to own the home and use it as your primary residence the same two years?  Read on for a few pointers that may help you take advantage of this tax benefit when you sell your primary residence.  Pointer One - $500,000 Exclusion for Married Couples Available Even if Only One Spouse Owns Home for...

How to buy a home at a $100,000 discount With nearly 150,000 foreclosed homes on their books, Fannie Mae and Freddie Mac are trying to pare down their growing inventory of repossessed properties, in turn providing home buyers with tremendous purchasing opportunities. MAKING SENSE FOR CONSUMERS An analysis by SmartMoney magazine found that home buyers could save $100,000 on the price of a home by purchasing a foreclosed home owned by Fannie Mae or Freddie Mac as opposed to a similar fair-market property just a few blocks away. Fannie Mae’s homebuying program, which requires down payments as low as 3 percent on 30-year mortgages also can help buyers save money. However, buyers should note, smaller down payments generally translate into higher monthly mortgage payments. Another bonus to purchasing a Fannie Mae-owned home, the company doesn’t require private mortgage insurance, which most lenders require for buyers who put down less than 20 percent. Unlike many foreclosed pro...

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